Wells Fargo & Co. (WFC) Upgraded by Vetr Inc. to Sell

Vetr upgraded shares of Wells Fargo & Co. (NYSE:WFC) from a strong sell rating to a sell rating in a research report sent to investors on Monday morning. Vetr currently has $46.56 price objective on the financial services provider’s stock.

WFC has been the subject of a number of other research reports. JPMorgan Chase & Co. downgraded Wells Fargo & Co. from an overweight rating to a neutral rating and lowered their price target for the company from $53.50 to $48.00 in a research report on Wednesday, September 21st. Macquarie reissued an underperform rating on shares of Wells Fargo & Co. in a research report on Tuesday, October 18th. Keefe, Bruyette & Woods reissued an outperform rating and set a $57.00 price target on shares of Wells Fargo & Co. in a research report on Friday, September 9th. Argus reissued a buy rating on shares of Wells Fargo & Co. in a research report on Thursday, October 13th. Finally, Citigroup Inc. downgraded Wells Fargo & Co. to an underperform rating in a research report on Friday, November 18th. Nine equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $49.57.

Shares of Wells Fargo & Co. (NYSE:WFC) opened at 51.58 on Monday. Wells Fargo & Co. has a 12 month low of $43.55 and a 12 month high of $56.24. The firm has a market cap of $259.05 billion, a price-to-earnings ratio of 12.80 and a beta of 0.93. The stock’s 50 day moving average price is $47.82 and its 200 day moving average price is $47.86.

Wells Fargo & Co. (NYSE:WFC) last posted its quarterly earnings results on Friday, October 14th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.02. Wells Fargo & Co. had a return on equity of 12.72% and a net margin of 23.91%. The firm earned $22.30 billion during the quarter. During the same period last year, the firm posted $1.05 EPS. Wells Fargo & Co.’s revenue was up 2.1% on a year-over-year basis. Equities research analysts predict that Wells Fargo & Co. will post $4.03 earnings per share for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Friday, November 4th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend is Wednesday, November 2nd. Wells Fargo & Co.’s dividend payout ratio is presently 37.44%.

Hedge funds have recently added to or reduced their stakes in the stock. FFT Wealth Management LLC acquired a new stake in Wells Fargo & Co. during the first quarter worth about $242,000. LGL Partners LLC raised its stake in Wells Fargo & Co. by 39.4% in the first quarter. LGL Partners LLC now owns 11,866 shares of the financial services provider’s stock worth $574,000 after buying an additional 3,351 shares during the last quarter. EFG Asset Management Americas Corp. raised its stake in Wells Fargo & Co. by 6.6% in the first quarter. EFG Asset Management Americas Corp. now owns 83,700 shares of the financial services provider’s stock worth $4,088,000 after buying an additional 5,203 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in Wells Fargo & Co. by 0.4% in the first quarter. Envestnet Asset Management Inc. now owns 1,287,002 shares of the financial services provider’s stock worth $62,239,000 after buying an additional 4,493 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in Wells Fargo & Co. by 2.1% in the first quarter. Legal & General Group Plc now owns 22,729,888 shares of the financial services provider’s stock worth $1,099,251,000 after buying an additional 457,687 shares during the last quarter. Institutional investors own 72.76% of the company’s stock.

Wells Fargo & Co. Company Profile

Wells Fargo & Company is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.